The global payroll outsourcing market size reached US$ 8.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.24% during 2023-2028.
Payroll outsourcing refers to the usage of third-party sources and organizations to manage administrative and compliance operations. It involves maintaining employee records, calculating salaries and wages, computing and adding bonuses, generating payroll-related reports, and complying with taxation laws applicable in different countries. It also assists organizations in saving costs and time, and reducing the need for in-house trained payroll staff, and purchasing and maintaining appropriate software packages. Besides this, it provides organizations dealing internationally with the advantage of staying updated with foreign tax legislation and avoiding any potential penalties.
Due to the expanding geographical reach of organizations, there is a rise in the demand for time-saving and cost-effective measures, such as payroll outsourcing, that allow the management to focus on core issues and run the business smoothly. Moreover, the incorporation of digitized services, such as business analytics, big data and the cloud, is escalating the demand for payroll outsourcing across the globe. Furthermore, the rising trend of multi-country payroll outsourcing (MCPO), bundling payroll services and process automation is further contributing to the market growth. Apart from this, the leading players are providing hybrid payroll solutions that enable companies to decide upon customized payroll sub-services as per the requirement to avoid compromising confidential data. Additionally, on account of the spread of the coronavirus disease (COVID-19) and the consequent shift toward remote work by a number of organizations, market players are offering different ways to manage payroll operations online.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global payroll outsourcing market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end use industry.
Breakup by Type:
- Full-Managed Outsourcing
- Co-Managed Outsourcing
Breakup by Application:
- Small Business
- Medium Business
- Large Business
Breakup by End Use Industry:
- Consumer and Industrial Products
- IT and Telecommunication
- Public Sector
Breakup by Region:
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being Accenture Plc, ADP Group Companies, Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Infosys Limited, International Business Machines Corporation, Intuit Inc., Paychex Inc., Wipro, Workday Inc., Xerox Corporation and Zalaris.
|Base Year of the Analysis
||Type, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Accenture Plc, ADP Group Companies, Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Infosys Limited, International Business Machines Corporation, Intuit Inc., Paychex Inc., Wipro, Workday Inc., Xerox Corporation and Zalaris
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Key Questions Answered in This Report:
- How has the global payroll outsourcing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global payroll outsourcing market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global payroll outsourcing market and who are the key players?
- What is the degree of competition in the industry?